Supporters led by Mayor-elect Sam Liccardo argued developers are getting rich enough off the current building boom while locals, already unable to buy costly houses, are being priced out of San Jose entirely or forced to spend the majority of their paychecks on rent. Opponents led by outgoing Mayor Chuck Reed feared the developers would simply pass the cost onto renters, driving up costs even higher, and worried builders would look to other, cheaper cities to construct apartment buildings.
The fee, which several other Bay Area cities have already adopted, is $17 per square foot on most new rental buildings that are completed after mid-2016, though high-rise downtown buildings would be exempt for five years. It would generate $20 million to $30 million annually to build new apartment complexes with subsidized rents.
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